Rare earth group passes review
Print Edition
AN expert panel has ratified the formation of China South Rare Earth Group, authorities said yesterday.
The group was jointly established by Ganzhou Rare Earth Group, Jiangxi Copper Group and Jiangxi Rare Earth and Rare Metals Tungsten Group in April 2015 in Ganzhou, Jiangxi Province, as part of measures to promote resource integration by merging companies into larger entities.
According to Li Zhuxing, vice chairman of Ganzhou Rare Earth, the group’s merger passed a review by experts during an inspection conference organized by the Jiangxi Commission of Industry and Information Technology on Monday.
With investment of 1 billion yuan (US$151 million), the group has merged 24 rare earth companies and formed a complete industrial chain covering rare earth exploration, smelting, processing, trading and research.
The group can mine 43,600 tons of raw rare earth per year and to smelt and separate 59,200 tons of the minerals annually.
Zhang Fengkui, an official with the Association of China Rare Earth Industry, said the formation of the group can restructure the industry and improve the efficiency of the utilization of resources.
China is the world’s largest rare earth producer and exporter, but the industry is beset by a slew of problems such as illegal mining, smuggling and a lack of competitiveness due to weak research and development.
The State Council, China’s Cabinet, issued a guideline in 2011 to improve the management of the industry, which included a crackdown on illegal mining and encouraging mergers.
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